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The 1970’s 2.0 : Producer Price Index Jumps 8.3%

the staff of the Ridgewood blog

Ridgewood NJ, the economic whizz kids at the White House and Federal Reserve Chairman Jerome Powell keep saying inflation is “transitory.” But Friday morning’s Producer Price Index report show an 8.3% rise for the 12 months. DOL Says that’s “the largest annual increase since the US Department of Labor started measuring this price indicator in 2011.”

We would make a strong guess that this is the highest annual increase since Jimmy Carter sat in the Oval Office and presided over double digit inflation and ‘70s stagflation.

One interesting tidbit from the data: the producer prices soared highest for warehousing and transportation. Those prices have scooted up 2% per month for the past three months (on an annualized basis that’s near 25%). Gee, we wonder why these costs are rising so fast. Oh yeah. There are no truckers and warehousing workers available because of Biden Administration’s policy of paying people NOT to work.

Does it Look Like Inflation Is Going Away?

3 thoughts on “The 1970’s 2.0 : Producer Price Index Jumps 8.3%

  1. Always a good read..thanks

  2. Biden like Carter is ignoring rising inflation. Cater lost the 1980 election (due in part) to his stinking economy and his stubborn refusal to acknowledge that inflation was at a peak during his years in office. Biden like Carter is spending money on social programs like a drunken sailor which will lead to more inflation. But the Biden administration keeps playing change the subject. Don’t talk about rising inflation talk about global warming. Don’t talk about the botched Afghanistan exit talk about global warming. Don’t talk about his unconstitutional vaccine mandate for private businesses talk about global warming. Don’t talk about illegal immigrants pouring into our country at the southern border (no Biden vaccination mandate for them) talk about global warming.
    After the current hurricane season ends Biden will have to think of something other than global warming to deflect from inflation, Afghanistan, vaccine mandates and the immigration crisis. There’s not much left in Biden’s bag of tricks. Halloween will soon be here. He will have to fill up his bag again. Trick or treat? Definitely trick when it comes to Biden.

  3. Big difference…. Carter was a feckless nice guy with good intentions who got everything horribly wrong due to incompetence.

    Biden is a nasty evil guy who wants to destroy America.

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